Biogen's Q3 tops estimates; backs 2002 outlook

JulieRannazzisi

Biogen
bgen
announced third-quarter reported net income of $42 million, or 28 cents a share, vs. $70 million, or 46 cents a share, in the year-ago period. Operating net income -- which excludes an $18 million charge related to a reserve for a loan and a write-down of certain publicly-traded securities -- totaled $55 million, or 37 cents a share, in the third quarter. The results topped Thomson First Call's 35-cent-a-share estimate. Total revenue amounted to $288.3 million in the quarter vs. $264.1 million in 2001's third quarter. Looking ahead, the biotech firm reaffirmed its 2002 revenue growth forecast of 6 to 10 percent and operating earnings-per-share of $1.50 to $1.60. First Call projected full-year earnings of $1.51 a share. Separately, as part of Biogen's settlement with Schering-Plough over royalties on U.S. sales of alpha interferon products, the company said it expects to receive a one-time payment in the range of $45 million to $50 million in the fourth quarter. In addition, Schering-Plough has agreed, effective October 1, to commence royalty payments to Biogen on U.S. sales of alpha interferon products. Biogen shares closed on Thursday off 0.2 percent to $33.37.

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